Algorand surges to the highs of 6-month range, but should traders go long

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice The significant downtrend for Algorand was followed by the formation of a range Evidence of an accumulation phase was seen but patience would be key Algorand has been in a downtrend since September 2021. However, […]

rally from the $19k mark. The past few hours of trading saw a pullback for Bitcoin and short-term bearish sentiment across the altcoin market.In 2022, leading up to May, the price had been in a strong downtrend. From the high of $2.45 in September 2021, Algorand has only slid lower down the charts. Beginning in June the price formed a range between $0.42 and $0.28, with the mid-point at $0.35.

On the other hand, the CMF has oscillated between negative and positive territory in sync with the bear-bull skirmishes. At press time, the CMF was at zero to show a lack of significant capital flow into or out of the market. The volatility in May saw a bearish order block form just above the range highs. It extended from $0.41 to $0.49 and hinted that ALGO would have tough resistance all the way up to the psychological $0.5 mark.The weighted sentiment saw a huge spike in mid-October, This occurred when the price visited the lows at $0.28 and saw a resurgence back to the $0.327 mark within a day.

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